Newsflash: Bitcoin Price Sinks 10% amid Binance Hack Rumors

Bitcoin shed some of its recent gains today, dropping over 10% on the back of rumors that Binance, one of the world’s largest crypto exchanges by trading volumes, has been hacked.

“WTF is happening! Binance just sold all my alts at market rate and I have got just the Bitcoin now,” a user wrote on Binance’s official Reddit page. “Is it because of account getting hacked or binance bot issue?” Other users expressed similar concerns with their crypto holdings.

Following up with a statement, a moderator for the exchange announced a temporary freeze on withdrawals insisting that the victims, recognized thus far, have registered API keys – commonly used in trading bots and Binance’s mobile and desktop applications. Binance insists that its platform has not been hacked.

The Binance representative wrote:

At press time, bitcoin price is posting a recovery in trading near $9,700.